Churn prediction is the process of identifying customers who are likely to cancel a subscription or stop using a service. This can be done with machine learning techniques by analyzing customer data and identifying patterns that indicate a high likelihood of churn, so you can reach out and take remedial action before it happens.
If you know when a customer is likely to churn you can implement preventative measures in a timely (and automated) manner. For example:
- As a software company, you could send an automated email offering to guide a churning customer to get value from your platform.
- As a subscription eCommerce store, you could send a discount coupon for a churning customer to incentivise them to reorder from you.
- As a telecommunications company, your support team could call churning customers to understand the customer's problem, and implement a solution to retain them.
In short, by predicting churn you can help prevent churn.
Delineate can ingest your customer data and build a machine learning model that understands what makes a customer likely to churn.
You can then feed new customer records into that model and predict whether that customer is likely to churn and in what time frame (e.g. 1 month, 3 months etc.).
With Delineate, this can all be achieved with 10% of the time and cost typically associated with this kind of project.
To better understand how Delineate can help, schedule a call with a data expert.